Dangote Refinery petrol price cut to N1,200 per litre as global crude prices fall amid easing Middle East tensions and market adjustments
The Dangote Petroleum Refinery & Petrochemicals has slashed its ex gantry price of Premium Motor Spirit, also known as petrol, to N1,200 per litre in Lagos, Nigeria, following a reversal of an earlier upward adjustment and a shift in global crude oil benchmarks amid easing geopolitical tensions.
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The petrol price cut marks a N75 reduction from the previous rate of about N1,275 per litre, which had been introduced earlier in response to rising international crude oil prices and supply uncertainties.
A senior official at the Dangote Petroleum Refinery & Petrochemicals confirmed the development on Tuesday night and attributed the adjustment to global market dynamics influencing crude oil pricing.
The Dangote Refinery petrol price cut, according to the official, reflects changes in international benchmarks driven by geopolitical developments affecting supply expectations.
“The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and their impact on crude oil prices. These are external factors that directly influence refined product pricing,” the official said.
The official had earlier indicated that petrol and diesel prices were revised upward due to market pressures, with diesel reportedly increasing more significantly before the latest reversal.
However, the same refinery source confirmed on Wednesday morning that the company had reversed the upward adjustment after crude oil prices declined sharply on global markets.
The Dangote Refinery petrol price cut followed a notable fall in crude benchmarks after reports of easing tensions involving Iran and the United States, alongside signals of a temporary de escalation in the Middle East.
Brent crude dropped by 13.28 percent to $94.76 per barrel, while West Texas Intermediate fell by 14.72 percent to $96.31 per barrel, reflecting renewed market sensitivity to geopolitical stability.
A further confirmation from the refinery stated that there had been no new upward pricing changes, stressing that its pricing structure remained stable despite market speculation.
“A source at the company confirmed that its pricing structure remains intact, with the gantry price at N1,200 per litre and the coastal price at N1,153 per litre,” the statement said.
The company also reiterated its commitment to maintaining steady fuel supply across domestic and regional markets while responding to international price movements.
The Dangote Refinery petrol price cut highlights the volatility of Nigeria’s downstream petroleum sector, which continues to react to global crude fluctuations, foreign exchange pressures, and shifting supply chain conditions.
Since commencing operations in September 2024, the refinery has played a dominant role in shaping domestic fuel pricing and supply patterns, reinforcing Nigeria’s growing alignment with deregulated global oil market dynamics.
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Industry analysts note that the latest adjustment underscores how quickly local fuel prices now respond to international crude movements, marking a new phase in Nigeria’s petroleum pricing structure.
